Switzerland: Financial Sector Assessment Program: Factual Update: Insurance Sector Market and Regulatory Developments
IMF Staff Country Reports, June 13, 2007
Source details
- Canonical URL
- Switzerland: Financial Sector Assessment Program: Factual Update: Insurance Sector Market and Regulatory Developments
Other formats
Bibliographic details
- Published: June 13, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451807387.002
Summary
- This paper presents a factual update of the Insurance Core Principles including insurance sector market and regulatory developments for Switzerland.
- Regulatory reforms since 2003 have updated Switzerland’s regulatory and supervisory regime for the insurance industry to bring it in line with international best practices.
- The Insurance Supervision Law (ISL) has reoriented the regulatory focus and expanded the regulatory scope to include group/conglomerate supervision, corporate governance, risk management, and market conduct of insurance intermediaries.
- The ISL also provides for a range of corrective and preventive regulatory measures.
Regulatory reforms and supervisory scope
- Regulatory reforms since 2003 aimed to align Switzerland’s regime with international best practices.
- The Insurance Supervision Law (ISL):
- Reoriented regulatory focus.
- Expanded scope to include group/conglomerate supervision.
- Expanded scope to include corporate governance.
- Expanded scope to include risk management.
- Expanded scope to include market conduct of insurance intermediaries.
- Provides a range of corrective and preventive regulatory measures.
Thematic coverage and subjects
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Crime
- Financial institutions
- Financial regulation and supervision
- Financial Sector Assessment Program
- Financial sector policy and analysis
- Insurance
- Insurance companies
- Insurance Core Principles
- Insurance supervision
- Solvency
Keywords and market elements (as listed)
- a number of insurer
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- conglomerate supervision
- CR
- earthquake insurance
- financial market policy
- Financial Sector Assessment Program
- FOPI-s supervision philosophy
- FOPI-SO
- Global
- Insurance
- Insurance companies
- insurance cooperative
- Insurance Core Principles
- insurance coverage
- insurance market
- Insurance supervision
- insurer
- insurers-corporate governance practice
- insurers-risk management
- intermediaries vis-à-vis
- ISCR
- licensing insurer
- life insurer
- market conduct of insurance intermediary
- monopolisticcantonal insurer
- occupational pension insurance ear
- Solvency
- solvency regime
- supervision philosophy
Content in this bundle
- Executive Summary